The Ukrainian grocery market is experiencing unprecedented consolidation. By the end of 2025, two giants — ATB and Fozzy Group — control 76% of the combined revenue of the country's top ten retail chains. The remaining players share the other 24%. This gap demonstrates how quickly the rules of the game in retail are changing, where only those who can scale survive.
Figures that are changing the landscape
Calculations based on data from Opendatabot, Clarity Project, and YouControl paint a clear picture of dominance. ATB Market accounts for nearly half of this figure — 49% (approximately 294 billion UAH), while Fozzy Group holds 27% (166 billion UAH). For comparison: all other major retailers combined generate only 142 billion UAH in revenue.
The trend towards consolidation is confirmed by active actions in the M&A (mergers and acquisitions) market. A bright example was the recent acquisition of the "Bodryi" chain by Fozzy Group, which includes about 180 stores in Kyiv and the region. Thanks to this, the group's turnover grew by 15.3% in 2025, reaching 165.8 billion hryvnias.
Two strategies: construction versus acquisition
Despite the common goal — capturing the market — the leaders have chosen diametrically opposite paths. Andriy Zhuk, head of the Association of Retailers of Ukraine, notes that the consolidation process has been going on for years, and even during wartime, major players are ready to invest in buying ready-made assets, not just in organic growth.
ATB builds its "fortress" on its own real estate. According to CEO Boris Markov, 88% of the chain's stores belong to the company or related structures. This is a strategy of organic growth: since 2014, the chain has doubled the number of outlets — from 673 to more than 1320 in 2026. Top management has voiced ambitious plans to expand coverage to 5000 stores.
Fozzy Group, on the other hand, is scaling through acquisitions. The number of outlets in the group grew from 113 in 2005 to more than 1020 in 2026. The group previously included the "Dnepryanka", "Bumi-Market", and "Kot" chains.
Why is buying better than building?
Experts explain the choice in favor of M&A with simple logic. Acquiring a ready-made network provides instant access to premises, staff, logistics, and a customer base. This significantly reduces the time to market. According to InVenture, only in retail in 2025, seven deals were made for a total of $148 million. The total value of real estate and construction deals in Ukraine reached $271 million.
Anna Anisimova, Commercial Director of GDS, emphasizes: "Among national players, Fozzy Group shows the biggest appetite for M&A, acting quickly and with clear geographic logic".
Future of the market: triopoly and niche players
According to forecasts, the merger process will remain dominant in the next two years. There are almost no quality free spaces, and an organic entry into a new city takes 2–4 years. A ready-made asset turns out to be cheaper and faster.
However, experts do not expect a full oligopoly. A realistic scenario is a pronounced triopoly (dominance of three companies) in the mass market segment. At the same time, there will still be room for regional operators, which will survive thanks to geographic specialization and deep knowledge of their area.
